Big difference in house prices

Have you been following the news out of Toronto?  Bank of Montreal's chief economist Douglas Porter wrote in a report this week the "Toronto housing market - and the many cities surrounding it - are in a housing bubble." This statement was made while the Canadian Real Estate Association announced the January, 2017 numbers showing the average Greater Toronto house price sits at $705,900.  Porter also notes that house prices are seeing the fastest increase since the late 1980s.

What is the average house price in Hastings County?  According to the Bancroft and Area Association of Realtors, the posted average home sales in January, 2017 was $150,899.  That's quite a difference from Toronto. 

One may think that families in Toronto are earning way more money to afford the housing costs.  While that may be true in some cases, according to the most recent available census data the average Toronto family household income is $87,038 while in Hastings County it's $65,693.  Does the additional $20,000 in houshold family income help cover the additional $500,000 in the price of a Toronto home? 

Let's take a look at what I can find currently in Toronto.  Here's a 1 bedroom apartment selling for just under $600,000.  If an apartment is not desired, maybe a house is of interest.  This one is listed at $1.1 million dollars and close to the 401 and Bathurst St.  There are many more at varying prices and locations. 

When I look at Hastings County the prices are drastically lower.  Here's a four bedroom house in the Town of Bancroft.  It's listed at $199,500.  Here's another house backing on to a river and listed at $296,500.  

Would you or someone you know like to make the move to Hastings County?  We are here to help and be a "human Google" so to speak.  Contact us today!